Utility Is Maximised When

question 12

Multiple Choice

Utility is maximised when:

• A) Total utility is as large as possible.
• B) Total utility is zero.
• C) Marginal utility is zero.
• D) Marginal utility = total utility.

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Definitions:

Great Elector

A title held by Frederick William, who was the Elector of Brandenburg and Duke of Prussia in the 17th century, instrumental in consolidating his territories and strengthening the state.

Nobles

Nobles refer to individuals of high social rank, typically holding titles in the aristocracy, and often possessing unique privileges, lands, and influence in their societies.

Standing Army

A permanent, professional army maintained in times of peace as well as war, distinguishing it from temporary forces raised during emergencies.